November 11, 2015
Austin, Texas — Interest rates on new credit card offers tumbled Wednesday for the first time in almost nine months, according to the CreditCards.com Weekly Credit Card Rate Report.
The average is comprised of 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category. Introductory (teaser) rates are not included in the calculation.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
|Bad Credit||22.73%||22.73%||22.73%|| Source: CreditCards.com
The national average annual percentage rate (APR) fell to 14.96 percent after remaining at 15.01 percent for about a month. This is the first time since June that average rates have dipped below 15 percent.
SunTrust Bank spurred this week's rate change by revamping its credit card lineup. It removed three of its old credit cards, including two rewards cards, and replaced them with updated versions that offer substantially lower rates. For example, it replaced the Travel, Dining and Entertainment card, included in the CreditCards.com database, with the new lower rate Travel Rewards credit card. SunTrust's newest travel card offers a starting APR of 10.24 percent and charges an $89 annual fee.
The CreditCards.com credit card rate survey (permalink: https://www.creditcards.com/rate-report) is conducted weekly, using offer data from the leading U.S. card issuers' websites. Introductory offer periods and regular interest rates will vary with applicants' credit quality and issuer risk-based pricing policies.
CreditCards.com is the leading online credit card marketplace connecting consumers with multiple credit card issuers, including a majority of the 10 largest in the United States, based on credit card transaction volume. CreditCards.com, https://www.creditcards.com, enables consumers to search for, compare and apply for credit cards and offers credit card issuers an online channel to acquire qualified applicants.
For more information, contact:
Senior Industry Analyst
512-996-8663, ext. 103
NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.